NOVA SCOTIA S PROFILE Economic Indicators in 2015 Gross domestic product (GDP): $40.2 billion GDP per capita: $42,600 Population: 943,400 International merchandise exports and imports: 43.0% of GDP Economic Activity by Sector in 2016 Goods: 19.2% of GDP Manufacturing: 8.1% of total GDP Construction: 5.5% of total GDP Services: 80.8% of GDP Real estate, and rental and leasing: 15.8% of total GDP Public administration: 12.5% of total GDP NOTES The Library of Parliament s Trade and Investment series provides information on Canada s trade and investment relationship with the world and with selected countries. It also describes the trade relationship of each of Canada s 10 provinces and three territories with the world. In addition, it presents Canada s merchandise trade relationship with each of the United States 50 states. This profile was prepared using Statistics Canada data available in summer 2017. To see the data tables used to generate the figures, view the HTML version of this profile at Trade and Investment Series 2016. Trade data are measured on a balance-ofpayments basis except for the following, which are customs-based: export shares by sector; exports by product and product category; and exports by destination. The balance of payments based data and customs-based data use different methodologies. Consequently, these data should not be compared. Numbers in this profile have been rounded. Definitions appear at the end of this profile. Provincial import data by sector, by product and by trading partner are not provided because of data limitations. At the time of publication, reliable data on provincial merchandise and services imports were available only until 2015. The provincial and territorial trade profiles provide international trade data; the data exclude trade within Canada. GDP is measured at market prices, except GDP by sector, which is measured at basic prices. GDP per capita is calculated by dividing provincial GDP by provincial population. International merchandise exports and imports as a percentage of GDP is calculated by dividing the sum of merchandise exports and merchandise imports by provincial GDP. The five most highly valued merchandise export categories have been identified based on 2016 values. Simon Richards Economics, Resources and International Affairs Division Parliamentary Information and Research Service Publication No. 2017-512-E 18 September 2017
NOVA SCOTIA S MERCHANDISE TRADE Nova Scotia s merchandise trade with the world in 2015: $17.3 billion Exports: $5.8 billion, a 3.5% increase from 2014 Imports: $11.5 billion, a 4.0% increase from 2014 Trade deficit in 2015: $5.8 billion, an increase from $5.5 billion in 2014 Exports in 2015: 1.1% of the total value of Canadian exports, unchanged from 2014 Imports in 2015: 2.0% of the total value of Canadian imports, unchanged from 2014 Exports as a percentage of GDP in 2015: Nova Scotia 14.4%, an increase from 14.2% in 2014 Canada 26.4%, a decrease from 26.6% in 2014 LIBRARY OF PARLIAMENT 2 PUBLICATION NO. 2017-512-E
Imports as a percentage of GDP in 2015: Nova Scotia 28.7%, an increase from 28.2% in 2014 Canada 28.5%, an increase from 27.3% in 2014 Exports in 2016: Resource-based goods 22.2%, a decrease from 24.7% in 2015 Manufactured goods 77.8%, an increase from 75.3% in 2015 Highest-valued exports in 2016: Crustaceans and rubber tires, together accounting for 43.9% of the Crustaceans: $1.2 billion, unchanged from 2015 Rubber tires: $1.2 billion, unchanged from 2015 LIBRARY OF PARLIAMENT 3 PUBLICATION NO. 2017-512-E
Major export destinations, by region, in 2016: United States, at 68.5% of the Asia, at 18.0% of the Europe, at 9.1% of the Major export destinations, by country, in 2016: United States, at $3.7 billion China, at $494.6 million United Kingdom, at $90.9 million LIBRARY OF PARLIAMENT 4 PUBLICATION NO. 2017-512-E
NOVA SCOTIA S SERVICES TRADE Nova Scotia s services trade with the world in 2015: $3.2 billion Exports: $1.6 billion, a 3.2% increase from 2014 Imports: $1.6 billion, a 3.8% increase from 2014 Trade deficit in 2015: $10 million, an increase from $1 million in 2014 LIBRARY OF PARLIAMENT 5 PUBLICATION NO. 2017-512-E
DEFINITIONS Balance of payments based data: Balance of payments based data calculate trade flows using surveys of international trade and investment activity of firms and other entities. Balance of trade: The trade balance is the difference between the value of exports and the value of imports. There is a trade surplus if the value of exports exceeds the value of imports. There is a trade deficit if the value of imports exceeds the value of exports. Basic prices: Basic prices are the prices received by sellers. They exclude both taxes and subsidies on products. Customs-based data: Customs-based data are compiled from declarations filed with the Canada Border Services Agency and are used to track the flow of goods into and out of Canada, with one exception: exports to the United States. Since 1990, customs-based data on Canadian exports to the United States have been based on declarations filed with U.S. Customs and Border Protection. Gross domestic product (GDP): GDP measures an economy s total production in a given year. As one entity s income is another entity s spending, GDP is equal to the total value of final sales or to the total value of incomes. Manufactured goods: Manufactured goods are finished or semi-finished products resulting from the transformation of materials and substances into new products (North American Industry Classification System, or NAICS, codes 31 to 33) and the output of establishments primarily engaged in operating electric, gas and water utilities (NAICS code 22). Market prices: Market prices are the prices paid by buyers. They include taxes net of subsidies on products. Merchandise trade: Merchandise trade refers to trade in physical goods, such as cars, wheat and iron ore. Resource-based goods: Resource-based goods are products of the agriculture, forestry, fishing and hunting sector (NAICS code 11), as well as the mining, quarrying, and oil and gas extraction sector (NAICS code 21). Services trade: Services trade refers to trade in services, such as design services. LIBRARY OF PARLIAMENT 6 PUBLICATION NO. 2017-512-E